Cooperative Mineral Resources (CMR), a wholly-owned subsidiary of Crow Wing Power (CWP) and People’s Security Company (PSC), own land and mineral rights in a Manganese deposit in Emily Minnesota. There is a Manganese Project in the early development stages to determine the viability of extracting valuable manganese and mineral resources in the hopes of someday participating in the rapid growth in demand for high-purity manganese for the battery, electric vehicle and electric storage markets.
What’s happening with the Emily project?
- CMR and PSC signed a lease and sales agreement with North Star Manganese Inc (NSM) in 2019 to advance the development of the Emily Manganese Project.
- Currently NSM is conducting an expansive exploratory drilling program to determine if the deposit size and value merits further development of a mine.
- Our agreements puts NSM in charge of the project. NSM has a mineral lease and sales agreement with us and NSM has the discretion to determine how and whether to explore and evaluate the pursuit of a mine.
- Crow Wing Power and subsidiaries are not putting any new money into the Project.
- All Project expenses are paid NSM including basic land and utility costs.
- When, and if NSM begins mining operations, CWP’s subsidiaries and CWP stand to make a good profit from the sale of minerals and recover the initial investment made.
- A group of Cooperative members has contacted the Minnesota Attorney General’s office to seek clarification from the Cooperative on a few details regarding the Emily Manganese Project. The Cooperative’s legal counsel has assisted the Board in developing and communicating transparent and accurate responses. The Board has not heard anything more at this time.
The above summarizes the full May, 2023 Board Statement/Update regarding the Project.
Cooperative Mineral Resources (CMR) is a wholly-owned subsidiary of Crow Wing Power and therefore is governed by the same Board of Directors. In an effort to remain transparent and informative, the Board of Directors has issued a Statement/Update regarding the CMR Manganese Project.